(a) As an additional bonus payment to other retirement
allowances provided, a one-time bonus payment to retirement
benefits shall be paid to retirants of the system as provided in
subsection (b) of this section. The one-time bonus payment shall
equal $1,200 and shall be paid on July 27, 2011.

(b) The one-time bonus payment provided by this section
applies to any retirant with at least twenty years of credited
service who currently receives an annual retirement annuity of not
more than $7,200. This bonus payment is subject to any applicable
limitations under Section 415 of the Internal Revenue Code of 1986,
as amended.

(c) The one-time bonus payment provided by this section shall
be payable pro rata to any beneficiaries of a qualifying retirant
who currently receive an annuity or other benefit payable by the
system.Those retirants who were able to accrue no more than
fourteen years of credited service due to becoming permanently
disabled, and who currently receive an annual retirement annuity of
not more than $7,200, qualify for a one-time bonus payment of
$1,200 to be paid on July 1, 2012.

(d) The one-time bonus payment provided by this section shall
be payable prorate to any beneficiaries of a qualifying retirant
who currently receive an annuity or other benefit payable by the
system.

NOTE: The purpose of this bill is to provide a one-time bonus
of $1,200 to certain annuitants of the Public Employees Retirement
System.

Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.